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LMAX Group market strategist Joel Kruger suggests that the behavior of Bitcoin investors indicates that market weakness may persist for some time, as large investors are not yet ready to buy on the dip.
He points out that the latest blockchain data shows that major Bitcoin holders are unwilling to buy in the face of current downward risk, suggesting that the market may see further declines or consolidation before Bitcoin is ready to rebound.
He adds that a key technical level to watch for Bitcoin at the moment is $59,000, which is an important support area. If Bitcoin can maintain above this level, it will continue to have the ability to challenge new record highs and the $100,000 target.
However, he also warns that if the market sees more downward pressure, such as Bitcoin price falling below $59,000, it will break the short-term bullish outlook and open the door for a pullback to the $45,000-$50,000 range.
Is the halving event a remedy for stopping the decline?
Bitcoin halving is expected to occur this Friday or Saturday. Historically, after three halving events, Bitcoin's price has surged by approximately 10 times, 2 times, and 6 times respectively. However, this time, due to geopolitical tensions and the impact of Bitcoin ETFs, the risk level has increased, making the situation different.
Many in the market are relatively pessimistic about the potential surge brought by the halving event, as they have seen Bitcoin recently reaching historic highs.
Another factor preventing Bitcoin from rising is that the Federal Reserve has delayed its pace of interest rate cuts due to economic data, further undermining confidence in the cryptocurrency market. |
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Post time 24-4-2024 11:54:09